Magnetek to Transfer Stock Exchange Listing to NASDAQ
December 09 2011 - 5:05PM
Business Wire
Magnetek, Inc. (the “Company”) (NYSE: MAG), a leading provider
of digital power and motion control systems, announced today that
it will voluntarily transfer its stock exchange listing from the
New York Stock Exchange (“NYSE”) to the NASDAQ Global Market
(“NASDAQ”), an exchange of the NASDAQ OMX Group Inc. The Company
currently expects that its common stock will cease trading on the
NYSE effective after the close of trading on December 19, 2011, and
will commence trading on the NASDAQ on December 20, 2011. The
Company’s common stock will continue to be listed under the ticker
symbol “MAG.”
As previously reported, the Company was notified that it was
below the NYSE’s continued listing standards related to the
Company’s capitalization. Although the NYSE accepted the Company’s
business plan to regain compliance with its listing standards, the
Company’s Board of Directors approved voluntarily transferring the
listing of the Company’s common stock from the NYSE to the NASDAQ.
The Company believes that this voluntary transfer to the NASDAQ
will help alleviate any such compliance issues in the future, while
continuing to provide the Company’s shareholders with seamless
market access and liquidity.
About Magnetek, Inc.
Magnetek, Inc. provides digital power and motion control systems
used in overhead material handling, elevator, and energy delivery
applications. The Company is North America’s largest supplier of
digital drive systems for industrial cranes, hoists, and monorails.
Magnetek provides Energy Engineered® drives, radio remote controls,
motors, and braking and collision avoidance subsystems to North
America’s foremost overhead material handling crane builders. The
Company is also the world’s largest independent builder of highly
integrated digital motion control systems for high-rise, high-speed
elevators. In energy delivery, Magnetek develops and markets
digital power inverters that connect renewable energy sources to
the utility grid, and is a leading independent supplier of digital
motion control systems for underground coal mining applications.
Magnetek is headquartered in Menomonee Falls, Wis., in the greater
Milwaukee area and operates manufacturing facilities in Pittsburgh,
Pa., and Canonsburg, Pa., as well as Menomonee Falls.
Special Note Regarding Online Availability of Magnetek
Releases and Filings
All Magnetek financial news releases and filings with the
Security and Exchange Commission (“SEC”) are posted to the Magnetek
website. Material and financial releases as well as SEC filings are
available at www.magnetek.com. Automatic email alerts for these
postings are available from the Investor Relations section of the
site. Corporate and general releases as well as product information
are also available at www.magnetek.com.
Special Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on the Company’s
expectations and are subject to risks and uncertainties that cannot
be predicted or quantified and are beyond the Company’s control.
Future events and actual results could differ materially from those
set forth in, contemplated by, or underlying these forward-looking
statements. These include, but are not limited to, economic
conditions in general, business conditions in material handling,
elevator, mining, and alternative energy markets, operating
conditions, competitive factors such as pricing and technology,
risks associated with acquisitions and divestitures, legal
proceedings and the risk that the Company’s ultimate costs of doing
business exceed present estimates. Other factors that could cause
actual results to differ materially from expectations are described
in the Company’s reports filed with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934.